OpenLegislation

Section 643ZA “Protected foreign-source income” and “transitional trust income”F1

(1)

In this Chapter—

  • “protected foreign-source income” means income that—

    1. (a)

      arose under a settlement in any of the tax years 2017-18 to 2024-25, and

    2. (b)

      was protected foreign-source income for that tax year within the meaning of section 628A (as that section had effect for that tax year).

  • “transitional trust income” means income that—

    1. (a)

      arose under a settlement in any of the tax years 2008-09 to 2016-17, and

    2. (b)

      was transitional trust income throughout the tax years 2017-18 to 2024-25 within the meaning of section 628C (as that section had effect for those tax years).

(2)

For the purposes of subsection (1) ignore section 648(3) to (5) (foreign income treated as arising under settlement only if and when remitted).

Annotations

Textual amendments

F1

Ss. 643ZA, 643ZB inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 12, 70(1)

Notes on Chapter 5

Textual amendments

F1

Words in Pt. 5 Ch. 5 heading inserted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 3(2)

Notes on Transitional provision about protected foreign-source income and transitional trust income

Textual amendments

F1

S. 643A cross-heading substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 11, 70(1)